Portfolio management is one of the smallest topics at level 1. But then, this topic gradually grows in significance as you progress through the 3 levels. In Level 3, half of the curriculum is on portfolio and wealth management.
CFA Portfolio Management Syllabus in Level 1
There is one study session divided into 4 readings. The first reading offers a review of the portfolio management function. The second deals with risk and return statistics. The third expands on these concepts to the CAPM model. The fourth reading covers portfolio planning and construction.
The second and third readings are the lengthiest with the most number of EOC questions. The final reading on Investment Policy Statement (IPS) is short but worth your attention: it is the foundation for key parts of the curriculum at level 2 and particularly level 3.
What to Watch out for in Level 1
This topic remains small and basic at this level. Candidates should understand the core concepts, such as he relationship between diversification and risk, and how to effectively build a portfolio. The calculations on variance of a portfolio and CAPM are also important.
The vast majority of the portfolio management calculations are reviewed in Quant. If you went through the Quant section, you should be fine from a calculation standpoint. However, you still need to read and review for tackling the qualitative questions.
For Your Further Reading
Here are more tips on these topic areas: